Cryptocurrency in India: Nowadays, Cryptocurrency has become a common term in India. According to an Industry estimate, around 2 crore Indians currently deal in Cryptocurrencies with a total crypto holding of Rs 40,000 Crore.
As per the statement by former Reserve Bank of India(RBI) governor Raghuram Rajan, out of the total cryptocurrencies in existence today, most will perish. Only one or two, or at most a handful would survive.
Cryptocurrency and the Indian Government
Cryptocurrency has been the talk of the town for a good amount of time in India. While many people have different takes on this topic, we cannot ignore that the online world has a lot of influence on our lives.
Daily, we are getting to see how people are making money by investing in different cryptocurrencies just by sitting in their houses.
While India and Cryptocurrency have a very bizarre relationship with each other, there are a lot of things to consider before we blindly invest in Cryptos.
The government’s Take on Cryptocurrency
The Central government has been changing its views on Cryptos for a very long time. In March 2018, a ban was imposed on Cryptos by the Reserve Bank of India(RBI) calling it a “Chain of Black Money”. But in November 2021, The central government decided to not implement a ban on Cryptocurrency but to regulate it.
Again in February, in the Union Budget 2022-2023, Smt. Nirmala Sitharaman, the Finance Minister of India, announced that the Crypto Market is a very risky area, thus it requires regulation. She also announced a 30% taxation on Crypto gains will be implemented in the coming financial year.
The government of India has announced that India will have its own cryptocurrency soon. This new Cryptocurrency launch in India will open so many gates to fellow crypto investors in India.
The new Indian Crypto will also be created and monitored based on Blockchain technology, which is the main tech used in any other Crypto creation and maintenance.
This also means that we can hope for a better tomorrow in terms of the Blockchain investments we were planning to make like NFTs, Virtual land, Cryptocurrency, and many more.